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Renters Insurance Facts

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With high real estate prices in the metropolitan areas of Boston, more and more residents are turning to home rental in Massachusetts. Renters insurance is a necessity when renting, especially in older apartments or rentals near water which may constitute a higher risk. The following tips may help you determine whether basic renters’ insurance is sufficient or whether you need to cover additional risks.

What if flooding or water damage occurred in your apartment or home? Think about the items within your home that could be damaged or destroyed. Furniture, electronics, and computers should all be insured for this reason. Additionally, renters’ insurance covers loss suffered in the event of a burglary. Those who have a closet full of expensive clothing may want to talk to an agent about having those covered as well.

When you have furnished the home with your own appliances, such as a washer and dryer, these may also be included in the renters’ insurance policy. The policy may cover repair or replacement of appliances if they are damaged in a disaster. In the event that malfunction of an appliance causes damage to possessions, renters’ insurance may provide some coverage. In any event it’s important to read and thoroughly understand your own policy in terms of policy limits and exclusions. 

Many renters may be focused on views and amenities when selecting a place to rent. Massachusetts renters insurance should be considered to be just as essential. Coverage is relatively inexpensive, and should be able to fit in many renters’ monthly budgets. Contact an agent to learn more about renters’ insurance options for you.

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